Nadar Mahajana Sangam established The Tamilnad Mercantile Bank Limited in the year 1921 as the Nadar Bank for the Nadar business community. The Nadar communities were given the maximum priority. The bank name was later on changed to Tamilnad Mercantile Bank in the year 1962 in order to expand its horizon beyond the Nadar community. Tamilnad Mercantile Bank headquartered its location in Thoothukudi, Tamil Nadu, and India. The bank reported a net profit of rupees 2,585 million for the financial year 2018-2019.
The Bank has more than 509 full functional branches throughout India, and most of the branches are found in south India. There about six central processing centers, nineteen electronic Lobby centers, four Currency Chests, twelve Regional offices, and over thousand Automated Teller Machines (ATM) across India. Tamilnad Mercantile Bank Limited is one of the fastest-growing private sectors banking operation in India. From 2010 to 2015 it was rated one of the best banks in south India due to its exponential and astonishing growth.
The bank has estimated to reach a net worth of 600 billion rupees in the year 2020. The bank bagged a Lokmat BFSI award in the year 2014 for the best private sector bank in India. Tamilnad Mercantile Bank Limited has one of the most efficient internet banking operations in the country, and it’s rated to be one of the most efficient and user-friendly online banking sites in India.
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Following are some of the Online Banking Services Provided by Tamilnad Mercantile Bank:-
1) Tamilnad Mercantile Bank online banking system is one of the most time and cost-efficient.
Due to unlimited and excessive data available in the current era, the most obvious advantage of online banking is that it is time-efficient. Net banking facilitates transactions, not only during the banking hours but also at any point of time. It is also user-friendly and cost-efficient. The net banking system, which is primarily utilized by the Indian banking system, has drastically changed the face of banking in India. The average charges applicable in an online transaction depend upon the amount being transacted. The interest rate charged by the bank depends upon the amount deposited by the client and the duration for which he deposits the same. The interest rate charged by the bank varies from 5% per annum to 7.10% per annum. Along with this, the interest rate charged for senior citizens is higher than that provided to regular citizens.
2) Efficiency in payment of bills by using Tamilnad Mercantile Bank online banking site:-
Clients can use Allahabad banking online site to pay bills and payments to merchants. The online banking system provides a friendly banking experience. The bank also offers a separate section dedicated to its client’s transactions, where the clients can keep track of their spending. To make payments, clients first have to fill in the merchant’s details (merchant’s bank account, IFSC code, and thy amount of transfer). After details have been filled, it will be saved in the client’s account. The bank also has a separate section in which the merchant’s details are protected. Every time a payment is made, clients can choose the profile of the merchant to make the payment.
3) Tamilnad Mercantile Bank provides a User-friendly online banking experience:-
Tamilnad Mercantile Bank offers a pleasant online banking experience. The bank has an entire section for any banking operation so that the client can carry out their transactions with ease. They provide step by step assistance to the client. Once the beneficiary information has been filled, their data will be saved. The clients can send money to the beneficiary with a push of a button. The site also has a currency exchange option where clients can convert Indian currency which is in their account to any foreign currency. Tamilnad Mercantile Bank provides low maintenance charges and service charges than any other public sector bank.
4) Tamilnad Mercantile Banks, Online Site Management:-
When clients transfer their money to other banks through cheques or demand drafts, it takes around three to five days. Tamilnad Mercantile Bank provides the option of transferring money from one account to another account. It is more convenient to transfer money online than going to the bank. The banking site also allows clients to access previous transaction and account history. This method is the quickest ways to see if the transactions have been cleared from the client’s account and whether the money has been credited to the client’s account or not. If the transfer is done online, it only takes minutes, and it is even more convenient for the client to keep track of the number of operations. If the transaction limited is exceeded, the client may be charged extra transaction fees. Tamilnad Mercantile Banks provides excellent customer service; clients can quickly call up customer service and solve their problems very easily. Allahabad bank offers a friendly banking experience to its costumer’s.
5) Tamilnad Mercantile Bank and its Application, TMB mConnect (Mobile Application):-
Tamilnad Mercantile Bank TMB mConnect Mobile Application, which is considered to be one of the most secure, and user-friendly mobile banking application. The mobile app provides many offers when it is used for booking tickets or while doing online shopping. Clients have to be careful when doing online transactions. Clients have to protect their password, account number, and signature from others. The mobile application provides all banking operation options just like the online site; it is even more convenient to use as well. For Businessmen and working professionals, the mobile application is a very convenient way of transferring money. The mobile app can be linked to D-Mat account directly, and the funds can be transferred directly to the D-mat account or clients can even withdraw cash from the D-Mat account.
In the modern era of technology and advancement, companies (private banking sectors) try to pander to the various needs of the people at very affordable interest rates. Transactions involving massive amounts can be made safe and quick. With India being a country which provides data facilities at the cheapest rate in the world, it has become effortless to access the various online banking facilities provided to its customers.